Backtesting
Hypothesis: hold HKD 20,000 in each of the 26 Fidelity funds (equal-weight, buy-and-hold, no fees). Simulation period: 2023-01-02 to 2025-11-25 (3 years). Benchmark: MSCI World (proxy).
Prices simulated via Geometric Brownian Motion using historical annualised return and volatility from yfinance data. Risk-free rate: 4.5%. USD/HKD peg: 7.8. Random seed: 42.
Net Profit / Loss
+HKD 168,076
+32.32% total
Volatility (ann.)
2.87%
vs 15.07% benchmark
Max Drawdown
-1.79%
vs -34.52% benchmark
Sharpe Ratio
1.736
vs -0.581 benchmark
Positive Alpha Generated
The equal-weight Fidelity portfolio delivers 9.79% annualised return vs -5.34% for the benchmark — an alpha of +15.13%.
+15.13%
Alpha (ann.)
Portfolio Value vs Benchmark
Total portfolio (HKD) over the 3-year simulation. Initial: HKD 520,000.
Performance Summary
| Metric | Portfolio | Benchmark |
|---|---|---|
| Initial Value | HKD 520,000 | HKD 520,000 |
| Final Value | HKD 688,076 | HKD 441,067 |
| Net P&L | +HKD 168,076 | HKD -78,933 |
| Total Return | +32.32% | -15.18% |
| Annualised Return | +9.79% | -5.34% |
| Volatility (ann.) | 2.87% | 15.07% |
| Maximum Drawdown | -1.79% | -34.52% |
| Sharpe Ratio | 1.736 | -0.581 |
Per-Fund Breakdown
Each fund starts at HKD 20,000. Sorted by Sharpe ratio (highest first).
| Fund | Final (HKD) | Net P&L | Total Ret. | Ann. Ret. | Volatility | Max DD | Sharpe |
|---|---|---|---|---|---|---|---|
| Japan Equity ESG Fund | 48,919 | +28,919 | +144.6% | +34.7% | 18.5% | -18.5% | 1.465 |
| Global Multi Asset Dynamic Fund | 36,318 | +16,318 | +81.6% | +22.0% | 12.0% | -11.8% | 1.352 |
| Japan Value Fund | 42,263 | +22,263 | +111.3% | +28.3% | 19.7% | -18.9% | 1.140 |
| Global Dividend Fund | 32,266 | +12,266 | +61.3% | +17.3% | 12.3% | -10.2% | 1.001 |
| Asia Pacific Dividend Fund | 32,628 | +12,628 | +63.1% | +17.7% | 13.6% | -11.5% | 0.942 |
| Global Technology Fund | 36,458 | +16,458 | +82.3% | +22.2% | 20.2% | -20.3% | 0.875 |
| Global Focus Fund | 31,264 | +11,264 | +56.3% | +16.1% | 16.1% | -19.5% | 0.732 |
| Global Thematic Opportunities Fund | 29,088 | +9,088 | +45.4% | +13.3% | 16.0% | -18.7% | 0.586 |
| Global Dividend Plus Fund | 27,315 | +7,315 | +36.6% | +10.9% | 12.9% | -16.6% | 0.529 |
| World Fund | 27,578 | +7,578 | +37.9% | +11.3% | 16.0% | -16.4% | 0.475 |
| Global Healthcare Fund | 26,156 | +6,156 | +30.8% | +9.4% | 14.7% | -25.7% | 0.382 |
| ASEAN Fund | 24,964 | +4,964 | +24.8% | +7.7% | 12.8% | -14.8% | 0.297 |
| America Fund | 24,676 | +4,676 | +23.4% | +7.3% | 14.0% | -22.6% | 0.256 |
| Europe Equity ESG Fund | 24,634 | +4,634 | +23.2% | +7.2% | 14.7% | -19.4% | 0.247 |
| Future Connectivity Fund | 24,062 | +4,062 | +20.3% | +6.4% | 19.3% | -26.7% | 0.188 |
| European Dividend Fund | 23,365 | +3,365 | +16.8% | +5.3% | 11.6% | -14.3% | 0.125 |
| Global Consumer Brands Fund | 23,105 | +3,105 | +15.5% | +4.9% | 18.6% | -22.9% | 0.115 |
| First All Country World Fund | 20,354 | +354 | +1.8% | +0.6% | 15.9% | -29.4% | -0.161 |
| Asia Pacific Strategic Income Fund | 21,574 | +1,574 | +7.9% | +2.6% | 5.0% | -4.8% | -0.351 |
| Pacific Fund | 17,635 | -2,365 | -11.8% | -4.1% | 17.1% | -27.3% | -0.417 |
| Global Short Duration Income Fund | 22,234 | +2,234 | +11.2% | +3.6% | 2.0% | -2.1% | -0.422 |
| Emerging Market Corporate Debt Fund | 21,331 | +1,331 | +6.7% | +2.2% | 4.2% | -4.9% | -0.516 |
| Asia Pacific Opportunities Fund | 15,437 | -4,563 | -22.8% | -8.3% | 17.0% | -41.1% | -0.680 |
| American Growth Fund | 15,440 | -4,561 | -22.8% | -8.3% | 14.4% | -34.4% | -0.835 |
| Global Income Fund | 20,445 | +445 | +2.2% | +0.7% | 3.8% | -7.8% | -0.953 |
| Asian Bond Fund | 18,567 | -1,433 | -7.2% | -2.5% | 5.4% | -16.2% | -1.245 |
Methodology
Simulated via Geometric Brownian Motion using annualised return and std-dev from fund_metrics.json. No fees assumed. Benchmark: MSCI World proxy (9 % return, 15 % std dev).
Generated on 2026-04-07. Data source: yfinance historical NAV data.